By Jade Markus, Commodity News Service Canada
WINNIPEG, February 16 – ICE Canada canola contracts were slightly lower at midday on Thursday, pressured by losses in US soy markets.
Chicago Board of Trade soybeans and soy oil were lower with the expectation for a large crop from Brazil, which had a bearish effect on canola.
Strength in the Canadian dollar also added pressure to canola. Advances in the loonie make Canadian commodities less appealing to international buyers.
But prices were able to hold relatively steady despite that pressure.
“Its holding up very, very, very well,” said one Winnipeg-based trader. “So there’s still some good buyers in canola.”
Strong, steady demand for canola further limited losses, the trader said, alongside slower farmer-selling.
“There’s fairly light farmer-selling, which is typical through the wintertime,” he said.
About 17,801 canola contracts had traded as of 10:54 CST.
Milling wheat, durum, and barley futures were all untraded.
